Every industry has its big players that dominate.
Bunnings. Coles. JB Hi-Fi. K-Mart.
But this doesn’t mean that every hardware shop, grocer, tech store or clothing outlet should simply give up and shut shop.
There are plenty of ways to compete with the big hitters.
The key is to think laterally.
It’s widely known that the business that can spend the most money to acquire a customer wins.
So the more profitable your business is, the more money you can spend on front-end marketing that fuels your sales funnels.
So if your competition is able to spend thousands more a month (sometimes hundreds of thousands) than you are able… what does that mean for your ability to earn a good living in the same industry?
Well, the massive advantage the ‘little guys’ have over these mega-companies is agility.
Bigger companies are not as agile as a smaller business.
It’s like you’re driving along in a jet-ski, and they’re on the Spirit of Tasmania.
If you realise you’ve left something back at the shore, you can turn around much faster and easier than that massive ship.
What that gives you is this -
If you do the work in identifying a niche, creating an offer, and write good copy (your messaging), you can turn on a dime when the market shifts, and be 10 steps ahead of the competition before they even realise what’s going on.
You can also look closer to fill the gaps that the big players don’t address.
For instance, there’s a shift going on right now back to a more personal style of shopping (in terms of both physical products and services).
Many people don’t want to be a faceless, nameless consumer walking through a mega-mall.
They want every commercial experience to have features you can ONLY get if you’re small enough to take care of the little things.
I remember seeing a business slogan recently that read - Big enough to cope, small enough to care.
It’s by identifying the gaps where the big players are falling short, and building the solution to these shortfalls into your USP, offer, and messaging that your business can really thrive.
To nail this, do this quick exercise -
📍Grab a drawing pad or open your favourite brainstorming app.
📍Make a list of the competitors around you
📍Do a SWOT (strengths, weaknesses, opportunities, threats) analysis of each competitor
📍Chart your findings and look for the gaps your business can fill to serve your ideal customers better
📍Use your findings to strengthen your own business’ positioning and offer, and then communicate it to your audience via new messaging
Finding just ONE big opportunity to better position your business against your competition can result in millions of dollars for your business long-term.